In the second quarter of 2025, net sales decreased by 4.4 percent compared to the same period last year. Currency-adjusted the decrease was 0.4 percent. Revenue from licenses decreased by 19.8 and revenue from support increased by 13.9 percent. Operating profit amounted to SEK 36.4 M (79.3) in the second quarter and to SEK 111.2 M (125.1) for the first half-year.

We are proud to present innovations that embody our vision of a world where cancer is conquered, and the patient receives truly individualized care. At AAPM 2025, we look forward to sharing how our integrated, intelligent solutions can empower clinics to work more efficiently, collaborate more openly, and ultimately achieve better outcomes for patients worldwide.

We are pleased to partner with RaySearch to provide all oncology information and treatment planning systems for our new state-of-the-art Radiation Therapy Center currently under development in San Luis Obispo, CA. RaySearch is at the forefront of innovation in this field, and we look forward to collaborating in our shared commitment to advancing patient care and improving outcomes for our patients.

I am excited to see the RayCare extension gaining traction in the U.S. and I believe that RaySearch’s integrated treatment planning and oncology information system present a compelling solution for all types of radiotherapy centers. I am convinced that by integrating RayStation and RayCare with TrueBeam, Advanced Radiation Therapeutics will achieve greater efficiency and, ultimately, improved patient care.

Too many cancer patients around the world face a critical gap between their need for care and the advanced technology available. Our collaboration with RaySearch allows us to help our customers expand their access to critical, life-changing care.

Access to care is critical for us to fulfill our vision of a world where cancer is conquered. This partnership, with its combination of refurbished linacs and advanced software solutions, can really make a difference.

RayCare v2025 reflects our unwavering commitment to advancing integrated, intelligent cancer care. With every release, we take another step towards a future where oncology teams are empowered by smarter workflows, seamless connectivity, and truly adaptive treatment support.

BNCT is a very promising tool for obtaining new treatment options for the most challenging tumor types. With the comprehensive treatment planning software from RaySearch and dose calculation engine from Neutron Therapeutics we are able to, as the first center in the world, deliver image guided, 3D planned BNCT for our patients.

RaySearch has been an invaluable partner in the establishment of in-hospital BNCT in Europe and Asia.  We are proud to offer BNCT solutions incorporating BNCT treatment planning with RayStation and look forward to continued collaboration to expand access to BNCT globally.

We are proud to see RayStation in use at the forefront of BNCT clinical development, now in both Asia and Europe. Our collaboration with Helsinki University Hospital and Neutron Therapeutics is part of our work to improve cancer treatment through innovative technology and partnerships.

We have used MapRT at Raigmore Hospital since 2022 and have found it invaluable for checking for collision on all plans and optimizing non-coplanar plan angles. I think the integration into RayStation is of significant value and I can see it further streamlining and improving the efficiency of our workflow.

We are already seeing clinics changing their planning techniques, allowing their patients to benefit from the extra beam options MapRT provides. This integration has the potential to streamline workflows, reduce errors, and free up resources, all while improving treatment predictability. It also opens the path for automated, collision-free planning.

Surface scanning is an excellent source of information about the most central aspect of radiation therapy – the patient. The tight integration between MapRT and RayStation makes this information available already during treatment planning, allowing the user to explore more creative beam configurations while maintaining clearance around the patient. It is a great example of how clinical benefit can be achieved through collaboration between radiation therapy technology vendors.

We are extremely proud to be the first cancer center in the world to treat a patient using RaySearch’s advanced online adaptive radiotherapy technology, and we are hugely grateful to The Royal Marsden Cancer Charity for funding this vital equipment. Being able to tailor each treatment session to the patient’s current anatomy, while the patient is on the treatment bed, is a major step forward in delivering more personalized cancer care. This achievement reflects The Royal Marsden’s ongoing commitment to leading innovation in radiotherapy. The Royal Marsden and RaySearch are continuing to work together on future developments which will further enhance cancer care.

Online adaptive has been a key focus for RaySearch for many years and I am happy that The Royal Marsden has treated its first patient using this groundbreaking RayStation technology. RayStation has very advanced tools available for taking online adaptive into clinical practice, and we look forward to collaborating with the team at The Royal Marsden to further improve efficiency in this field, and thereby advance cancer treatment.

Advanced automated solutions and streamlined workflows to enable clinicians to give patients more personalized treatments has always been the core of the RaySearch vision. At ESTRO 2025, we are excited to meet both current and new customers and show how our latest developments contribute to turning that vision into reality.

We remain committed to automate as much as possible of the treatment planning process. With the Plan Explorer module, we integrate the possibility to automatically create many candidate treatment plans to allow the physician to choose the most suitable treatment for a patient, given the available machines.

I am pleased to announce our collaboration with Heyou Hospital and the significant order for RayStation. I look forward to deepening our relationship and to a fruitful cooperation in advanced radiation therapy.

We are pleased to announce that The Children's Memorial Health Institute in Warsaw, Poland is purchasing DrugLog. Medim is our first customer for DrugLog, which we acquired at the beginning of the year to complement our existing product offering. DrugLog represents a further step towards the vision of providing software support for all types of cancer treatments, including chemotherapy and surgery.

This is an important milestone for our partnership with RaySearch. The new customer is a proof of how our joint efforts and expertise create concrete results in the market.

The start of proton arc treatments marks a major milestone in proton therapy, and it has been great to see the commitment of the team at the Trento Proton Therapy Center in introducing the technique into their clinical workflow. I am proud that RaySearch has played an instrumental role in pioneering proton arc therapy by advanced optimization algorithms and planning tools.

In the same way as VMAT has revolutionized radiotherapy with photons, proton arc treatments have the potential to unlock significant additional benefits in proton therapy, taking it to the next level in several clinical indications The collaboration between radiation oncologists, medical physicists, and RaySearch has been the key to this progress in delivery technique.

I am very much looking forward to meeting both existing and new customers at RSNA and presenting the exciting research results regarding liver ablation and our product portfolio, including DrugLog which represents an expansion of our offering, outside of radiation therapy.

Advanced key tools available in the RaySearch environment will help us bring our proton treatments to the highest quality.

We are proud of our collaboration with Institut Curie, a well-reputed hospital with an impressive legacy. The agreement is a first step; I look forward to deepening our relationship and to a fruitful collaboration.

I am very happy to welcome Nina to the position as CFO of RaySearch. With her extensive experience in finance and strong leadership skills, I am confident that she will play a key role in driving the company's continued growth.

RaySearch is an innovative company and a driving force in the fight against cancer. The finance function has an important role to play in this exciting phase of expansion that RaySearch is currently undergoing.

I am very happy about the agreements with these important French centers, especially since they are all comprehensive cancer centers. RayStation is an excellent starting point, but our vision is that our software should support all the disciplines included in a comprehensive cancer center.

We are very happy about our first RayStation order from the prestigious China Japan Friendship Hospital in Beijing. The fact that we now also have more than 100 customers in China is an important step in our continued expansion in the Chinese market, where we see great potential to improve cancer care with RayStation and our other technologies.

We are pleased to announce an order from GenesisCare UK. RayStation is well-equipped for this network's requirements for remote planning and optimal workload distribution. I am convinced that RayStation will pave the way for efficient patient treatments and further contribute to GenesisCare’s pursuit of the highest possible standard.

Our vision is to redefine the standard of cancer care with passion, innovation and a unique national network of the best. Within this vision is our roadmap to continually strive for higher standards in treatment quality and extend GenesisCare’s adaptive therapy services across multiple treatment platforms. We are excited to announce we have been able to include the RayStation treatment planning system within our portfolio of planning solutions, supporting our provision of high quality, robust radiotherapy treatments, with particular benefit for patients with some of the most challenging and complex cases.

We are excited to return to ASTRO in Washington, meeting valued partners as well as customers and potential customers. We are also eager to showcase our latest product innovations to attendees joining us in our booth.

My team and I are extremely happy to have been part of the journey of developing RayCare to what it is today, a next generation oncology information system designed to incorporate all disciplines of cancer care. We aspire to create one oncology workflow, allowing a seamless experience for both patients and health care professionals.

With RayCare we achieve consistency and automation, two factors that play a crucial role in maintaining patient safety, efficiency and quality of care. RayCare strongly contributes to our ability to offer cutting-edge radiation oncology solutions to patients throughout our network.

RayCare is the result of a strong partnership between industry and clinical experts in developing an integrated oncology information system and I am proud of our long-standing collaboration with Iridium Network. Today, when RayCare was connected with TrueBeam, an important milestone was clinically manifested for our shared commitment to advancing cancer care with the patient in focus.

We are happy to welcome yet another RayCare customer. For our installed base of RayStation customers the selection of RayCare as oncology information system will enhance efficiency and user experience, both in the treatment planning process and treatment delivery.

In the second quarter of 2024, net sales rose by 33 percent. Revenue from support rose by 12,9 percent. Operating profit amounted to SEK 79.3 M (18.2) in the second quarter and to SEK 125.1 M (41.9) for the first half-year.

As always on the AAPM congress I anticipate fruitful discussions with both clinical and industry partners as well as current and potential customers. In particular, I am looking forward to discussing the excellent experiences our customers will have utilizing RayCare with the Varian TrueBeam family of linear accelerators.

Automation of repetitive tasks is essential to boost the efficiency at the clinics. This efficiency gain will be important to be able to serve an increasing patient population to be treated for cancer, as well as to free up time to handle the more complicated patient cases. I am proud that RaySearch leads the way in this transition.

NYPC and its consortium have been excellent to work with. The team at NYPC is among the world leaders in the proton field, and it is especially gratifying that their decision to more fully transition to RayStation was based on extensive assessment of our products and service at all levels. We also look forward to working with NYPC and collaborating well into the future.

We worked very hard over the last two years to assess the technologies in RayStation and how it could help us provide the best possible plans for our patients, utilizing the most advanced features available to us as clinicians. We are pleased that we are now able to transition even more treatment planning to RayStation.

Moving to a new treatment planning platform is a large task, both technically as well as financially. NYPC is glad to partner with RaySearch, who helped us demonstrate that we could plan faster, smarter and more efficiently, and even shorten treatment times for some patients. We look forward to a long collaboration.

As we celebrate 10 years of defining state-of-the-art proton therapy treatment planning, we continue to focus on continuous innovation in particle therapy treatment planning software. We constantly push boundaries to help clinics achieve the best patient outcomes.

We know that RayCare receives positive reviews in technical evaluations of different types of oncology information systems. With its advanced functionality, which has been further improved in the latest version, combined with the interoperability with TrueBeam, RayCare now represents a very attractive alternative to competing systems, which is confirmed by both new and existing customers. One example, that we previously informed about, is Raigmore Hospital in Scotland. Their radiotherapy center has used RayStation for their TrueBeam linear accelerators for many years and recently decided to replace their existing oncology information system with RayCare. I am confident that more centers will make similar shifts from older oncology information systems to RayCare going forward.

In the first quarter of 2024, net sales rose by 12 percent. Revenue from support rose by 23 percent. Operating profit amounted to SEK 45.8 M (23.7) in the first quarter.

Interoperability with treatment delivery systems is a key feature of RayCare and it is gratifying to see that the interoperability of the latest version of RayCare with TrueBeam has been achieved in time for the release and I look forward to clinical implementation of the connection later in 2024.

By achieving clinical interoperability between TrueBeam and RayCare, Varian again shows our commitment to developing, deploying, and maintaining critical interfaces for our fleet to operate seamlessly. RaySearch as an alliance in our ecosystem program is another example of our resolve to meet the diverse needs of customers across the world.

We are thrilled about the collaboration with RaySearch, where we will enhance and find new innovative solutions in our common fight against cancer.

I look forward to collaborating with C-RAD, which is also located close to us in Sweden. The additional information about the patient’s anatomy provided by surface scanning from Catalyst+ has the potential to greatly improve different steps in the radiation therapy treatment planning process in RayStation.

Our installed base of RayCare customers is steadily increasing and I am happy to welcome Raigmore Hospital as a new RayCare customer. I am impressed by the center’s efficient use of RayStation and the fact that they now have selected RayCare will further improve their efficiency. I am looking forward to working with the team at Raigmore Hospital for a smooth transition.